Australian markets remained calm after the release of the RBA Monetary Policy Meeting Minutes on Monday evening, which was the first of the main events to influence the aussie this week.
The RBA reiterated that Australian economical improvements were on track with expectations and that the growth in Asia was still strong.
We remember that the RBA surprised many analysts by leaving its rate unchanged at 3.75% at the beginning of the month. This decision seems to be largely attributed to the global uncertainty caused by the emergence of sovereign risk in Greece and Dubai.
However, a rate hike could still happen in its next meeting:
“if economic conditions evolved broadly as expected, further adjustments to policy would probably be needed over time to ensure that inflation remained consistent with the target over the medium term.”
The aussie will have to rely on global momentum to find a direction for the rest of week as markets will pick up volume and volatility after a U.S. bank holiday this Monday.
Read the full RBA minutes here
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